Description

Overview

The European Union (EU) intends to impose carbon dioxide (CO2) emissions charges on imports of steel, cement, fertilisers, aluminium, and power beginning in 2020. The plan's finer specifics have not yet been agreed, and will be worked out in future talks. The purpose of applying this levy is to defend European industry, as the European market is being swamped with cheaper items manufactured in countries with lax environmental regulations. According to the EU, this carbon border tariff is an attempt to level the playing field by imposing the same carbon dioxide (CO2) costs on EU and non-EU enterprises.

Benefits

According to the EU, this step would prevent carbon leakage while also encouraging partner nations to develop robust environmental legislation and carbon-pricing systems. This will also assist European Union (EU) countries combat climate change. This carbon tariff plan is part of EU climate change initiatives aimed at cutting carbon emissions in the EU by 55% by 2030 compared to 1990 levels. The EU governments and the European Parliament accelerated discussions, as a three-year transition period for the installation of carbon tariffs will begin in 2023.

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